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“ In many organizations, the corporate marketing function has lost budget, head count, influence, and confidence, resulting in strategic consequences than run deeper than many managers may realize.” Source: The Decline and Dispersion of Marketing Competence. 2006 MIT Sloan Management Review Status of Marketing Management http://managementchords.blogspot.com

<ul><li>The same marketing techniques work
every time </li></ul><ul><li>You need a multimillion budget to create a commercial </li></ul><ul><li>Marketing is all about advertising </li></ul><ul><li>Marketing is simply an operational expense </li></ul><ul><li>A perfectly executed marketing plan will guarantee success </li></ul><ul><li>Marketing’s goal is to increase sales </li></ul><ul><li>Marketing starts when you’re ready to launch </li></ul><ul><li>Innovation comes from inside </li></ul><ul><li>Never give the product / service away </li></ul><ul><li>Target the broadest customer segment </li></ul>10 Marketing Myths http://managementchords.blogspot.com

<ul><li>18% : Proportion of TV
advertising campaigns generating positive ROI </li></ul><ul><li>54 cents : Average return in sales for every $1 spent on advertising </li></ul><ul><li>56% : Proportion of people who avoid buying products from companies who they think advertise too much </li></ul><ul><li>256% : The increase in TV advertising costs in the past decade </li></ul><ul><li>84% : Proportion of B2B marketing campaigns resulting in falling sales </li></ul><ul><li>100% : The increase needed in advertising spend to add 1-2% in sales </li></ul><ul><li>90% : Proportion of people who can skip TV ads who do skip TV ads </li></ul><ul><li>14% : Proportion of people who trust advertising information </li></ul><ul><li>80% : Market share of video recorders with ad skipping technology in 2008 </li></ul><ul><li>95% : The failure rate for new product introductions </li></ul><ul><li>117 : The number of prime time TV spots in 2002 needed to reach 80% of adult population – up from just 3 in 1965 </li></ul><ul><li>3000 : Number of advertising messages people are exposed to per day </li></ul><ul><li>65% : Proportion of people who believe that they are constantly bombarded with too much advertising </li></ul><ul><li>69% : Proportion of people interested in technology or devices that enable them to skip or block advertising </li></ul>Crisis in Mass Marketing http://managementchords.blogspot.com

“ In many organizations, the
corporate marketing function has lost budget, head count, influence, and confidence, resulting in strategic consequences than run deeper than many managers may realize.” Source: The Decline and Dispersion of Marketing Competence. 2006 MIT Sloan Management Review Status of Marketing Management http://managementchords.blogspot.com

Social Media Social media describes
the online technologies and practices that people use to share opinions, insights, experiences, perspectives and media itself. Social media can take many different forms, including text, images, audio, and video. These sites typically use technologies such as Blogs, message, boards, podcasts, wikis, and vlogs to allow users to interact. Source: Wikipedia http://managementchords.blogspot.com

Some of the reasons for
relying on WOMM <ul><li>10% INFLUENCE PURCHASING BEHAVIOR OF OTHER 90% </li></ul><ul><li>91% LIKELY TO BUY ON RECOMMENDATION </li></ul><ul><li>EMERGENCE OF THE ERA OF “PROSUMERS” – Producer & Consumer of Information </li></ul>http://managementchords.blogspot.com

It’s About a New Dimension
<ul><li>It’s not about a cheaper product or your idea. Try to change customer behavior. </li></ul><ul><ul><li>It’s not about better coffee – it’s about the place </li></ul></ul><ul><ul><li>I am not looking for a ¼” drill machine – I need to make a hole </li></ul></ul><ul><ul><li>It’s not about the hog, it’s about a lifestyle </li></ul></ul><ul><ul><li>It’s not about the sound – it’s about how it makes me feel </li></ul></ul><ul><ul><li>It’s about your choices, places, and time </li></ul></ul><ul><ul><li>It’s about my space </li></ul></ul><ul><ul><li>It’s about my video </li></ul></ul><ul><ul><li>It’s about my opinion </li></ul></ul><ul><ul><li>It’s about the experience </li></ul></ul><ul><li>Examples </li></ul><ul><ul><li>Apple, Starbucks, JetBlue, MySpace, Harley-Davidson, Tivo. </li></ul></ul>Product Innovation Marketing Innovation http://managementchords.blogspot.com

Implications <ul><li>Reached the tipping point
</li></ul><ul><li>The static web maturing </li></ul><ul><li>Monologue marketing out </li></ul><ul><li>Live Web (a/k/a Blogosphere) is making information transparent as well as authentic </li></ul><ul><li>Word travels fast </li></ul><ul><li>People are more likely to act on a peer’s recommendation by factor X </li></ul><ul><li>Marketing is a reflection of social paradigms </li></ul><ul><li>The new social media and networks changing customer expectation and behavior </li></ul>http://managementchords.blogspot.com

So what should we do
about it..?? http://managementchords.blogspot.com STOP CALLING ME A CONSUMER. I AM A PERSON

Rule 2. Let them “Talk”
about you… http://managementchords.blogspot.com If you want them to talk about you, make them.. LOVE HATE YET NEVER LEAVE THEM INDIFFERENT YOU Brands people talk about make “Meaning Beyond Money”